巴菲特称这种难以替换具有巨大客户黏性的产品和服务具有“经济特许权”(economic franchise)：“一项经济特许权的形成，ibm在全球40多个国家的业务收进都保持了两位数的高增长。
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此外，经济特许权能容忍拙劣的管理，无能的管理者可能会削弱特许权的获利能力，但不会对其造成致命的损害。
Moreover, franchises can tolerate mis-management. Inept managers may diminish a franchise's profitability, but they cannot inflict mortal damage.
然而，经济衰退带来的影响是由宾馆拥有者承担，而不是由管理和特许权授予者宾馆连锁承担。
However, the brunt of the recession will be borne by the hotels' owners rather than the chains that manage and franchise them.
在1990年出版的《美国经济研究》发现特许权价值这种措施在对银行能运营的地方加以更多限制时失败。因此失掉市场力的银行能够作为应对破产缓冲力的资金更少了。
Research published in the American Economic Review in 1990 found that a measure of franchise values fell after restrictions were lifted on where Banks could operate.
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